TheBlock
Treasury Secretary Scott Bessent said the US will probably seize $1 billion in cryptocurrency tied to Iran this week, adding that authorities know where the funds are. He made the remarks at a Washington summit as the Trump administration pursues what he called an “absolute isolation campaign” against Iran.
Why it matters
The stated target comes amid a broader US effort to restrict Iran’s financial and trading routes, including measures involving the Strait of Hormuz, international flights and land routes to neighboring countries. Bessent described the campaign as an escalation from the previous “maximum pressure” approach.
The scale of earlier crypto actions is unclear. In May, Bessent said the US had seized about $1 billion in Iranian crypto, while a Treasury release shortly afterward cited an earlier estimate of nearly $500 million. In July, Treasury announced wallet sanctions that led to $130 million being frozen. Onchain analyst Specter linked that action to four Tron addresses holding roughly $131 million in USDT, which Tether blacklisted.
Market impact
The US has also sanctioned Iranian crypto exchanges. In September, Treasury targeted BitBank over allegations that it moved hundreds of millions of dollars in Bitcoin to the Islamic Revolutionary Guard Corps between June and July. Earlier actions targeted Nobitex, Wallex, Bitpin and Ramzinex in June, followed by Shelbit and Aban Tether in August.
Bessent did not clarify whether the latest $1 billion target is additional to amounts previously reported as seized. That distinction matters for assessing the scale of the campaign. The comments underscore the exposure of crypto wallets and exchange activity to sanctions enforcement, while leaving the status and final value of the newly targeted funds unresolved.
Frequently asked questions
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What did Scott Bessent say about the planned Iran-linked crypto seizure?
Bessent said the US will probably seize $1 billion in crypto tied to Iran this week and said authorities know where the funds are.
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Is the $1 billion target additional to earlier reported seizures?
Bessent did not clarify whether the target is additional to previously announced seizures, leaving the total scope unclear.
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What earlier figures did US officials cite for Iranian crypto seizures?
In May, Bessent said about $1 billion had been seized, while a Treasury release shortly afterward cited an earlier estimate of nearly $500 million.
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How much USDT was linked to the July wallet sanctions?
Onchain analyst Specter linked the action to four Tron addresses holding roughly $131 million in USDT. Tether blacklisted the addresses.
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Which Iranian crypto exchanges have faced US sanctions?
The US targeted BitBank in September and had earlier sanctioned Nobitex, Wallex, Bitpin, Ramzinex, Shelbit and Aban Tether.
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